Batelco submits offer for acquisition of 25 per cent of Zain Saudi Arabia, valid till February 16

Batelco Group has announced that it has submitted an offer to acquire all the shares owned by Zain Group in Mobile Telecommunications Company Saudi Arabia (Zain KSA).

“Batelco Group has submitted a confidential, non-binding offer to acquire Zain Group’s 25 per cent stake in Zain KSA. Our offer is subject to due diligence and a number of terms and conditions, including approvals from regulatory authorities such as Communications & Information Technology Commission (CITC) and Capital Market Authority (CMA), Zain KSA board Directors, and other relevant parties,” commented Peter Kaliaropoulos, Batelco Group CEO.

“Our offer remains valid till February 16, 2011,” he added.

Kaliaropoulos has previously said that interest in opportunities such as the one in Saudi Arabia is part of Batelco’s strategy to explore suitable M&A opportunities outside of Bahrain

Early in October Kaliaropoulos stated that his company may be interested in Zain KSA should Zain Group be pushed to dispose of it as a result of an approach by Etisalat.

Kaliaropoulos clarified that interest in opportunities such as the one that may be presented in Saudi Arabia is part of Batelco’s strategy to explore suitable M&A opportunities outside of Bahrain.

Batelco is already present in Saudi Arabia through its investment in alternative provider Atheeb, and thus Kaliaropoulos suggested it would only be natural that should the opportunity be presented to invest further in the kingdom, Batelco explore it.